Philips paid $82 million in cash up front, and the agreement includes room for $18 million more pending specially agreed terms and conditions.
About 110 Sectra employees are expected to transfer with the business.
"This is an excellent transaction for all parties. Sectra will free up resources and funds that can be used to develop and expand our operations in medical imaging IT, in which we are among the major companies in the world for products for the management of digital radiology images," said says Jan-Olof Brüer, president & CEO of Sectra in a release.
"Our MicroDose technology will now save even more women lives, since it will be much faster spread around the globe through Philips’ vast distribution network," Brüer added.
Sectra won FDA clearance for the MicroDose technology last month. The first-of-its-kind technology enables women to benefit from significant reduction of radiation exposure during routine breast exams. MicroDose uses about half the usual radiation dose necessary for mammography.
The transaction is expected to close during the third calendar quarter of 2011.